July 26, 2018 / 3:37 AM / in 4 months

India Ratings for Indian debt instruments – Jul 26

    Jul 26 (Reuters) - Below are the ratings awarded by India Ratings and Research Private Ltd
(India Ratings), formerly known as Fitch Ratings India for local debt instruments as of
July 25, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Fil Industries Ltd              Non-FB WC limit        IND A3+          280      Affirmed
Mahakaleshwar Infratech Pvt Ltd Non-FB limits          IND A4+          128      Assigned
Mainetti (I) Pvt Ltd            Non-FB WC facility     IND A2+          85
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Majestic Impex                  Non-FB Fac             IND A4           21       Assigned
Shree Balaji Alumnicast Pvt Ltd Non-FB limit           IND A4+          1050
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
Aruna Alloy Steels Pvt Ltd.     TL                     IND BBB-         405      Assigned
Aruna Alloy Steels Pvt Ltd.     FB WC limits           IND BBB-/ IND A3 285      Assigned
Electrospark                    TL                     IND BB+          13.17
Maintained in non-cooperating category; Maintained in non-cooperating category; (Issuer Not
Cooperating)
Electrospark                    FB Fac                 IND BB+/ IND A4+ 50
Maintained in non-cooperating category; Maintained in non-cooperating category; (Issuer Not
Cooperating)
Fil Industries Ltd              TL                     IND BBB          123.56   Affirmed
reduced from 243.5 mln
Fil Industries Ltd              FB WC limit            IND BBB/ IND A3+ 438.5    Affirmed
Il&Fs Transportation Networks   CPs (CPs)              IND A4+/ RWN     3.1
Ltd
Downgraded;maintained on RWN
Il&Fs Transportation Networks   Long-TL                IND BB/ RWN      1.19
Ltd
Downgraded;maintained on RWN
Il&Fs Transportation Networks   NCDs (NCDs)            IND BB/ RWN      8
Ltd
Downgraded;maintained on RWN
Il&Fs Transportation Networks   Proposed NCDs**        Provisional IND  7
Ltd                                                    BB/ RWN
Downgraded;maintained on RWN; ** The rating is provisional and shall be confirmed upon the
execution of the loan
Il&Fs Transportation Networks   Proposed TL**          Provisional IND  4.31
Ltd                                                    BB/ RWN
Downgraded;maintained on RWN; ** The rating is provisional and shall be confirmed upon the
execution of the loan
Jasmer Pack Ltd                 FB limit               IND BB/ IND A4+  165
Migrated to non-cooperating category; Migrated to non-cooperating category; (Issuer Not
Cooperating)
Jasmer Pack Ltd                 Non-FB limit           IND BB/ IND A4+  2.3
Migrated to non-cooperating category; Migrated to non-cooperating category; (Issuer Not
Cooperating)
Jayantisuper Construction Pvt   Non-FBL                IND BBB-/ IND A3 150      Assigned
Ltd
K Maniar                        Long-TL                IND BB           353.285  Assigned
reduced from 500 mln
Mahakaleshwar Infratech Pvt Ltd FB limits              IND BB+/ IND A4+ 2        Assigned
Mainetti (I) Pvt Ltd            FB WC facility         IND BBB+/IND A2+ 177.5
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Majestic Impex                  TL                     IND B+           7.6      Assigned
Majestic Impex                  FB Fac                 IND B+/ IND A4   35       Assigned
Monad Edukasional Society       FB WC facility          IND BB          110
Maintained in non-cooperating category; Maintained in non-cooperating category; (Issuer Not
Cooperating)
Monad Edukasional Society       TL                     IND BB           74.43
Maintained in non-cooperating category; Maintained in non-cooperating category; (Issuer Not
Cooperating)
Pc Jeweller Ltd                 CP*                    WD               2000
Downgraded & withdrawn; *Downgraded to ‘IND A1’ before being withdrawn
Prism Johnson Ltd               Proposed NCDs          Provisional IND  1200     Assigned
                                                       A-
Shree Balaji Alumnicast Pvt Ltd Long-TL                IND BB+          120
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
Shree Balaji Alumnicast Pvt Ltd FB limit               IND BB+/         150
Maintained in Non-Cooperating Category; (Issuer Not Cooperating)
-----------------------------------------------------------------------------------------------
Note:- All Indian National-scale ratings previously assigned by Fitch have been transferred to
India Ratings & Research Private Ltd (India Ratings), which is a wholly owned subsidiary of the
Fitch Group. The withdrawn criteria are now available on India Ratings' website at
www.indiaratings.co.in

$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

INDIA RATINGS may apply + or - signs for ratings to reflect a comparative standing within the
category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures; RWN- Rating
Watch Negative;
RWN- Rating Watch Evolve.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222, E-mail at
rru.data@thomsonreuters.com)
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